Binance (BNB) token has surprised many as it has outperformed the major coins and Altcoins in the entire crypto market in just three months. Launched recently, the token has become a household name and keeps climbing the charts unrestricted. The coin seems undistracted by the current market and continues to gain where others are failing.
With cryptocurrency investing becoming a viable investment every other day, it is always good to look for a token or coin that has a future and prospective good returns. Binance (BNB) is one of the token everyone should have before the end of 2018. When Bitcoin and Ethereum are skydiving, Binance token is skyrocketing and here is why you need to add the token in your digital coin portfolio.
Binance (BNB) Inroad into the Market
BNB entered the market in July 2017 and has enticed seasoned and new investors in equal measures. The token has moved through the ranks in less than 10 months to rank 15 by market cap. This is evidence enough to make any investor change their minds and rethink BNB investment.
In just three months alone, BNB has grown from $9 to $16 and the demand seems to increase by the day. However when most coin value is decreasing, the token seems to be appreciating contrary to the prevailing market shifts. In fact, at the time of reporting, only BNB and Tether have traded in the green in the last 24 trading hours.
What is driving Binance (BNB) North?
You will agree with me that the token is gathering its strength from the digital coins exchange behind it. Binance is a solid exchange that has a global presence and continues to be popular each day. The outfit is a volume mover and accounts for 11% of total volumes pushed into the market daily.
BNB is the only ERC20 token that offers discounts to users on trading fees. At the moment, the discounts are substantially high but set to diminish with time and this is one reason every investors is seeking to have a piece of the pie. The first year traders are to get 50% discount with the following year the discount being halved to 25% and this set to go on until 200million tokens are bought back and “burned”.
The recent price spike occurred when Binance announced doubling of referral rewards for investors holding 500+ BNB tokens. This promo has spurred the token demand by a simple act of making it slightly scarce. Most BNB holders with more than 500 token are holding on to them so they can enjoy the 40% referral facility.
Binance (BNB) Future Strategy
Binance is set to launch a new exchange that is decentralized where the token will play a very important role. The details of this have not been disclosed. However the Platform has partnered with Nexo and the lending system will start accepting BNB as loan collateral. With the Nexo arrangement, Binance executives are entitles to a 50% discount on their first loans and can chose to use BNB or NEXO as collateral.
In order to increase demand Binance will continue to buy back and trashing tokens in order to overcome the bearish market. To keeps on increasing its liquidity, Binance has crypto-fiat pairs added to its platform and this is set to be a game changer in the crypto-sphere going forward.
Binance (BNB) Market Pricing
Binance performance has continued to baffle many and its popularity has seen a tremendous growth in a very short time. The BNB token is trading at $16.93 after gaining 4.57% against the dollar, 5.74% and 6.46% to BTC and ETH in the last 24 hours.
With many coins still on the red it clear that BNB is a coin to invest at the moment before the whales take over the platform which might send the price to the $25 mark in the next three weeks going by the recent growth.